ALF-X was acquired by TransEnterix
- "TransExterix has acquired the surgical robotics division of SOFAR S.p.A. in a $99.8m deal with an immediate access to sell ALF-X in 30 countries.
- ALF-X is addressing the middle price range offering for surgical robotics. The untapped market opportunity is over 5,000,000 surgical operations annually - a multi-billion dollar market.
- Cash flow breakeven might occur as early as in 2018.
- We believe TransEnterix will be a good investment for those able to hold for 5 years."
"Research Triangle Park, NC-based based TransEnterix (NYSE: TRXC) has already developed its own robotic surgical system for minimally invasive laparoscopic surgical procedures. The SOFAR deal gives TransEnterix another minimally invasive surgery system, the TELELAP ALF-X, which has regulatory clearance in the European Union. TransEnterix says the two products together will allow it to target a global market.
At the close of the acquisition Monday, SOFAR received $68.7 million up front—$25 million in cash and 15.5 million shares of TransEnterix stock, valued at $43.7 million based on the $2.81 closing price last Friday. The stock gives SOFAR a 15.5 percent stake in TransEnterix. SOFAR also stands to gain up to $31.1 million in cash, paid upon achievement of milestones negotiated by the companies. TransEnterix will remain headquartered in North Carolina. With the closing of the deal, SOFAR Chief Executive Andrea Biff joins the TransEnterix board of directors."
"The combination of SurgiBot and ALF-X will allow TransEnterix to address a larger market opportunity with compelling patient, surgeon and hospital value."